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Thursday, March 10, 2016

What To Expect After You Accept an Offer to Sell Your Home

What To Expect After You Accept an Offer to Sell Your Home


You listed your home with The Phee Group at Keller Williams Realty Las Vegas Powered by Three Keys Network. Our agents marketed your property, helped you prepare the home for pictures and buyer previews, and after short period of time you received an offer from a prospective buyer to purchase your home. After negotiations you and the buyer came to an agreement and you both cane terms. What's next?

Now that you’ve entered into an agreement to sell your home, we will send the fully executed contract to the title and escrow company so they can open escrow! The buyer will need to deposit the earnest money into that escrow account.

We will send the seller’s real property disclosures soon after the buyer opens escrow and deposits the earnest money. Negotiations may take place after this step.

You will need to order and pay for the CIC Resale Package and CIC Demand from the your HOA if your home is a part of a homeowners association. Nevada law requires the seller of a home that is in an HOA community, provide the resale package to prospective buyers of that home. We will help you with this step if needed, ordering and paying for the HOA resale package should happen immediately after escrow is opened.

Next, the buyer will likely hire a home inspector. The home inspector is chosen and paid for by the buyer. The inspector, buyer’s agent, and your agent will coordinate a date and time to conduct the inspection. The buyer does this task as part of the due diligence process.

The due diligence period starts the date the the offer is accepted. 10 days is a common length of time for due diligence.

After the inspection the buyer and buyer’s agent may complete and deliver a "Request For Repairs" form for us to review. Negotiations may take place after this step.

Next the buyer will order and pay for an appraisal unless they waived an appraisal in purchase agreement. Appraisals are ordered through the buyer’s lender. Negotiations may take place after the appraisal comes in if the appraisal is lower than the agreed upon price.

3-5 days before the close of escrow date (the day ownership transfers) - the buyer will perform a walk through inspection with their agent to make sure certain items in the home are in working order. The walk through inspection release form will be used by the buyer to release liability from you and all brokerages. Negotiations may take place during this time.

After the walk through inspection release has been executed we recommend that you schedule the utilities to be turned off after the contracted close of escrow date.

When we get near the closing the date we will be setting up an appointment at the title company, or via mobile notary if preferred, and signing documents and the deed over to the buyer a few days before the close of escrow date. We will do our best to attend the signing to help interpret closing process with you.

Leading up to the close of escrow the property will need to be cleared of all your personal belongings and vacated. The sale is made official when it records at the County Recorder’s Office after both parties sign closing documents.After the title of the property records in the buyer’s name, we will arrange for transfer of keys and you will receive payment of the net amount from the sale!

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